Could crude oil slide to $80/bbl? West Texas crude futures finish with a fifth straight loss,...

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tonyeg Comments (19)
 
Ok here is your opportunity. Like I have been saying since April of this year oil is going to $70 a barrel WTI. Wait till it hits $80 than short all you can with your favorite ETF oil services short. The world is awash in oil. The Saudi and Russians keep pumping oil to help Obama with his sanctions on Iran. Iran is going to come to the table and negotiate their right to have nuclear power (electricity) in exchange for IEA inspections to assure no nuclear weapons. Europe is in a depression and will not bottom till 2014. This is impacting China's slow down which in turn impacts Europe's exports to China along with the US (Caterpillar) and Japan. I spoke to friends in Italy who say taxes on fuel are so high the trains are full and the cars are parked.
24 Oct 2012, 03:31 PM Reply Like

Ray - Kitchener Comments (69)
 
Short at $80? I have been short since $100 and continue to play the bounces both ways. You have missed the bulk of the return. As the saying goes "the train has left the station". By the way, predictions are useless.
24 Oct 2012, 04:52 PM Reply Like

bertrandrighi2 Comments (27)
 
80 $ ? The deadline for oil companies with the "new" oil ( Deep sea offshore, shale fracking, tar sands ) is 115 $, as it is much more difficult and pricey to sqeeze it out. At 80 $ I bet the best they can do, is to STORE ( "Cushing glut "), as they cannot turn off the taps on a snap of a finger. Hence, or the price / bbl is going to rise according to the reality of the market, or a SHORTAGE, linked to heavy storage + termination of the most expensive wells, will make it rise, low demand or not. Unfortunately if the oil companies got to blind wells, it is a VERY costly operation, and to resume production, re-opening of wells is even more pricey. Just be sure of that: oil companies will not lose money. So finally, the price of oil is going to RISE, far past over 115 $. To get back to 100, I bet no more than 2 months, and to break thru the 115, no more than 6 months. Ready ay ready ?
24 Oct 2012, 10:15 PM Reply Like